- NZD/USD extends upside after breakout at 50-DMA, intraday bias higher.
- The pair is trading with a bullish momentum and we see scope for further upside.
- The major has broken above 0.73 handle and has hit 3-week highs at 0.7347.
- Technical indicators support gains. Price action has broken above 50-DMA.
- RSI above 50, biased higher. Stochs show bullish momentum and we see +ve DMI dominance seen which adds to bullish bias.
- Next resistance for the pair lies at 0.7354 (Mar 13,14 high). Break above will see test of 0.7391 (78.6% Fib) ahead of 0.7440 (major trendline).
- On the flipside, retrace below 50-DMA could see resumption of weakness till 200-DMA at 0.7183.
Support levels - 0.7297 (5-DMA), 0.7281 (50-DMA), 0.7226 (trendline)
Resistance levels - 0.7354 (Mar 13,14 high), 0.7391 (78.6% Fib), 0.7440 (major trendline)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-Trade-Idea-1241975) has hit TP1.
Recommendation: Bias higher, stay long.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
